Alyssa Lane
A.M. Associates Insurance Services Ltd., now known as Davies, is a Canadian insurance audit team that provides insurance audit and consulting services to Canadian insurers and Lloyd's markets. AM Specialty Insurance Company (ASIC), on the other hand, is an Arizona-based excess and surplus insurance company and an accredited reinsurer. ASIC focuses on the primary program insurance business segment of the US domestic market, particularly the commercial specialty class. Associated Insurance Management, LLC, is another insurance company that offers commercial property and casualty insurance and is ranked as one of the top agencies in the DC area and the US.
| Characteristics | Values |
|---|---|
| Name | A.M. Associates Insurance Services Ltd. |
| Rebranded Name | Davies |
| Date of Rebranding | March 7, 2022 |
| Area of Operation | Canada |
| Language of Operation | English and French |
| Type of Service | Insurance audit and consulting services |
| Clientele | Canadian insurers and Lloyd's markets |
| Team Size | Canada's largest insurance audit team |
| Expertise | Livestock, Accident & Sickness, Aviation, Marine, Species, Professional Liability, Motor Truck Cargo, Logging, Specialty lines, Commercial, Personal Property, Liability, Automobile Risks |
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What You'll Learn
Livestock insurance audits
AM Specialty Insurance Company (ASIC) is an Arizona-based insurance company that offers excess and surplus insurance. ASIC holds an excellent financial strength rating and long-term issuer credit rating from AM Best. The company's unique business model facilitates collaborative risk-sharing and provides its partners with access to customized reinsurance capacity. ASIC works closely with program administrators, brokers, and underwriters to optimize efficiencies and cater to the primary insurance business segment of the US domestic market.
Association Insurance Management, Inc. (AIM) specializes in insurance programs for parent-teacher associations (PTAs), parent-teacher organizations (PTOs), and Booster Clubs. AIM is the national leader and largest writer in this field, currently insuring over 22,000 groups across all 50 states. AIM offers tailored plans, affordable prices, and comprehensive coverage for events and activities.
Associated Insurance Management, LLC (AIM Commercial) is a top-ranked Property and Casualty insurance agency, licensed in 48 states. They maintain strong relationships with major insurance carriers, enabling efficient quoting and binding of coverage. AIM Commercial is committed to providing exceptional personal service, value, and support to structure insurance programs that meet their clients' diverse needs.
Now, focusing on 'Livestock insurance audits':
Livestock insurance is a risk management option for producers to protect against loss of gross margin and price declines. On-farm audits are an integral part of ensuring compliance with established rules and standards in the livestock industry. These audits are conducted annually for LPA-accredited producers, including large-scale operators and hobby farmers. Around 2500 producers are randomly selected each year, while an additional 1000 are chosen for targeted audits due to non-compliance issues.
Before an audit, producers receive an LPA Audit Notification Pack, which helps them prepare for the audit process. The audit checklist covers areas such as record-keeping, food safety, biosecurity, and animal welfare management. During the audit, the auditor may inspect relevant facilities, including parts of the farm contaminated with persistent chemicals, to review the management systems in place.
NRS targeted audits, conducted by qualified AUS-MEAT auditors, focus on chemical use, residue risks, and animal treatments. Information gathered during these audits assists the Australian livestock industry in achieving quality assurance, food safety, and policy development. If non-conformities are identified, a Corrective Action Request (CAR) is issued, requiring producers to take necessary actions and provide evidence of resolution. Overall, livestock insurance audits play a crucial role in maintaining the integrity and effective risk management of the livestock industry.
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Aviation insurance audits
The complexity of the aviation industry underscores the importance of these audits. By adopting a proactive approach to safety and collaborating closely with insurance brokers and auditors, aviation operators can enhance their financial stability and safety performance. This, in turn, contributes to their operational success and ensures compliance with international standards.
To prepare for aviation insurance audits, companies should ensure that all relevant records are accessible and well-organised. It is also crucial to designate a knowledgeable staff member who understands the financial records and daily operations to assist the auditor and address any questions that may arise during the process.
Overall, aviation insurance audits play a pivotal role in the aviation industry, influencing insurance premiums, enhancing safety measures, and promoting sustainable growth and resilience for aviation operators.
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Marine insurance audits
AM Specialty Insurance Company (ASIC) is an Arizona-based excess and surplus insurance company and accredited reinsurer. ASIC has been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) by AM Best.
ASIC's unique business model allows for collaborative risk-sharing and access to customized reinsurance capacity for its partners. They work closely with program administrators, brokers, and underwriters to streamline processes and optimize efficiencies. ASIC's multi-disciplinary underwriting approach covers various specialty lines, including commercial and niche property, casualty, transportation, and marine insurance.
The audit process typically involves a comprehensive review of the insured's marine operations, including vessel details, cargo handling procedures, navigation areas, and safety measures. It also entails examining relevant documentation, such as insurance policies, vessel registration papers, cargo manifests, and safety records.
During the audit, insurance specialists may conduct on-site inspections of vessels to assess their condition, survey cargo loading and unloading operations, and review emergency response plans. They will also analyse historical data, claims history, and risk management strategies to identify trends, potential areas of concern, and opportunities for improvement in the insurance programme.
The findings from a marine insurance audit can lead to recommendations for enhancing coverage, implementing risk mitigation measures, and ensuring compliance with industry regulations. These audits provide valuable insights that help insurance providers and vessel owners make informed decisions to minimise risks and optimise their insurance programmes.
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Automobile insurance audits
While I could not find specific information about AM Associates Insurance, I did find details about insurance audits in general.
Insurance audits are a standard procedure conducted by carriers to assess the risk associated with providing coverage over the previous year. This process is not limited to automobile insurance but also includes homeowner's insurance, commercial insurance, and life insurance.
During an automobile insurance audit, the carrier will review your coverage to ensure it aligns with your current needs and risk exposure. They will examine factors such as the age and model of your vehicle, any new risks you may face, and your driving record. For example, if you are still carrying full coverage on an older vehicle, they may recommend downgrading to liability-only insurance.
Insurance audits can also involve verifying the accuracy of self-reported projections used to determine premiums. For instance, if you purchased insurance based on estimated gross sales or payroll numbers, the carrier will compare these estimates with your actual numbers. If your actual sales were higher, you may be charged the difference in premium. Conversely, if your sales were lower, you may be eligible for a refund.
It's important to note that insurance audits are not intended to be intimidating. While the word "audit" may sound alarming, insurance carriers conduct these reviews to ensure you have the appropriate coverage for your circumstances.
To prepare for an automobile insurance audit, you should be ready to discuss any changes in your vehicle, driving habits, or other relevant factors. Review your policy details and consider any adjustments to your coverage that may better suit your current situation. Remember that audits can also work in your favour if your risks or exposures have decreased, potentially resulting in lower premiums.
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Customer service and underwriting performance
A.M. Associates Insurance Services Ltd., now rebranded as Davies Group Ltd., is a trusted Canadian insurance provider. The company offers insurance audit and consulting services to Canadian insurers and Lloyd's markets. With bilingual services in English and French, Davies (formerly A.M. Associates) can effectively serve clients across Canada.
The company's expertise spans a diverse range of portfolios, including general commercial and personal property, liability, automobile risks, livestock, aviation, marine, species, professional liability, and more.
Davies places a strong emphasis on customer service and underwriting performance. They work with insurers, brokers, MGAs, corporates, and public entities to streamline processes, improve customer experience, and optimise underwriting outcomes. By leveraging technology and digital transformation, Davies helps organisations enhance their service delivery and manage operating costs.
To improve underwriting performance, Davies conducts comprehensive reviews of management and business operations. These reviews include assessments of the applicant's underwriting capabilities, claims handling, and data accuracy. This due diligence extends to insurance portfolios, providing valuable insights for brokers and insurers considering acquisitions.
Davies' specialised service establishes confidence in the quality of EQ data entry for insurers. By comparing EQ Sums Insured on policy documents and reports, they help actuaries determine tolerance levels for data reporting errors, ensuring data integrity for informed decision-making.
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Frequently asked questions
AM Associates Insurance Services Ltd. is a Canadian provider of insurance audit and consulting services.
AM Associates Insurance works with insurers, brokers, MGAs, corporates, and public entities.
AM Associates Insurance offers underwriting and compliance audits in both English and French across Canada.
Yes, as of March 7, 2022, AM Associates Insurance has rebranded and now operates as Davies.
